QGX Forms Strategic Alliance with Mongolian Investor
JUST Group Industries to Acquire 5 Million Shares of QGX at $4.15 per Share

July 24, 2007 (Waterdown, Ontario). QGX Ltd. (TSX: QGX) has entered into a subscription agreement with JUST Group Industries, a private Mongolian company, that provides for the purchase of  5,000,000 common shares of QGX at an issue price of $4.15 per share for total proceeds of $20.75 million, subject to regulatory approval. Proceeds will be used by QGX for the ongoing development of its Baruun Naran coal project and the Central Valley Zone in its Golden Hills copper-gold-silver project.

Closing of the private placement is expected to take place within 60 days. JUST Group has deposited US$1.0 million in an escrow account which will be forfeited to QGX if closing does not occur within 60 days. All shares acquired by JUST Group will be subject to a statutory 4 month hold period and Just Group has agreed not to sell any shares for 12 months from closing.

David Anderson, Executive Chairman of QGX Ltd., commented as follows:

"We welcome JUST Group as a significant shareholder in QGX and look forward to their assistance in the development of our coal and metals assets in Mongolia. Mr. Batkhuu, the owner of JUST Group, brings a broad range of experience in a variety of complementary industries that will contribute to the development our projects. He also recognizes the positive impact this investment will have on the development of the mining industry in Mongolia and the opportunities that will be created for the citizens of Mongolia through the development of our projects.  We look forward to working together."

About JUST Group

JUST Group is a private Mongolian company incorporated in 1999 that is active through subsidiary companies in the trading, distribution and bulk transportation of energy products, logistics, mining, and meat processing in Mongolia. The company is currently implementing transport arrangements to carry by rail about three million tons of bulk energy products (such as oil, coal, and electricity) on an annual basis.  It plays a major role in the processing and distribution of meat products which over the years in conjunction with mining has been the cornerstone of the Mongolian economy.

JUST Group currently employs 600 people and based on mid year results is projected to achieve annual sales of well over 100 million USD in 2007. The company is currently ranked as the 11th largest company in Mongolia in a survey completed by the Government of Mongolia, Mongolian Chamber of Industry and Commerce and is one of the top 3 Mongolian oil products retail and wholesale companies.

Just Group's experience in the trading and distribution of energy products (such as oil, coal, and electricity) has established preferred business relationships with all the major Mongolian companies active in heavy industry, power and mining.

About QGX

QGX is a Canadian-based company that has been exploring for mineral deposits in Mongolia since 1994.  QGX's two most advanced properties are the Baruun Naran and the Golden Hills projects.  QGX announced in June 2007 an independent NI 43-101 resource for coking and thermal coal at Baruun Naran comprised of 93.3 Mt of measured and 159.6 Mt of indicated (252.9 Mt contained in measured and indicated) resources. In July 2007 QGX announced that an independent 43-101 preliminary economic assessment for Baruun Naran showed a net present value (discounted at 10%) of US$481 million on an after-tax basis. QGX filed in April 2007 an independent NI 43-101 report outlining a positive preliminary economic assessment for its copper-gold-silver project at Golden Hills. Barrick Gold Corp. holds an approximate 9% equity interest in QGX as part of a strategic relationship between the two companies.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

For more information, please contact:
David Anderson, Executive Chairman         
(905) 689-9442

or

Paul Zweng, President/CEO
(925) 855-0505

or visit our website at www.qgxgold.com

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